AMN
Pakistan secures initial approval for 3 billion Dollars IMF loan program. The deal, subject to approval by the IMF board in July, comes after an eight-month delay and offers some respite to Pakistan. The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a 3 billion dollar stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default.
The Dollar 3 billion funding, spread over nine months, is higher than expected for Pakistan. The deal, subject to approval by the IMF board in July, comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.
The 3 billion dollars funding, spread over nine months, is higher than expected for Pakistan. The country was awaiting the release of the remaining 2.5 billion dollars from a 6.5 billion dollars bailout package agreed in 2019, which expired on Friday.